Personal Use Property Form T1135
Moderator: Mark T Serbinski CA CPA
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- Posts: 44
- Joined: Fri Oct 12, 2018 2:37 pm
Personal Use Property Form T1135
Hey there ... I am uncertain now ... We recently sold a property in the USA in which no T1135's were filed ever. When I previously filed, when I read definition of "specified foreign property" it said that "personal use property" did not have to be reported. I understood "personal use property" to mean property we use for personal use. So ... I never reported. Working through a tax program I just noticed a definition that CRA uses for "personal use property" ... cars, boats etc. things that normally decrease in value. I am confused now as to whether I should have filed a T1135, and where do i go from here???? help nelsona :)
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- Posts: 44
- Joined: Fri Oct 12, 2018 2:37 pm
Re: Personal Use Property Form T1135
Never mind... I tried to delete but didn't see how. I also have realized that I did not disclose "funds" in the USA. I didn't realize that bank accounts in excess of $100,000 accumulative had to be reported. At least that is how I read it now? My idea of property was .... land. thanks anyways..